Sunday, August 31, 2014

Rules for running Startups by Mark Cuban

Reading Mark Cubans interview advice for business startups on Iv taken away a few of good tips that I think are useful.  Here is what I came away with.  

1:  Know your core competencies and focus on being great at them.  Pay up for people in your core competencies. Get the best. Outside the core competencies, hire people that fit your culture but aren't as expensive to pay.
2. No offices. Open offices keep everyone in tune with what is going on and keep the energy up. If an employee is about privacy, show him or her how to use the lock on the bathroom. There is nothing private in a startup.
3. As far as technology, go with what you know. That is always the most inexpensive way. It's a startup so there are just a few employees. Let people use what they know.
4. Keep the organization flat. If you have managers reporting to managers in a startup, you will fail. Once you get beyond startup, if you have managers reporting to managers, you will create politics.
5. Make the job fun for employees. Keep a pulse on the stress levels and accomplishments of your people and reward them.  We would take people to a bar every now and then and buy one or ten for everyone. 

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